NYC CLC Calls for Sept 25 Rally Against Wall Street Blank Check

Join the NYC Central Labor Council

EMERGENCY MOBILIZATION

Thursday, September 25, 2008 12 Noon

Broad and Exchange Place

The New York City Central Labor Council urges Congress and members of the New York City Congressional delegation to act quickly and responsibly and hold those who caused our national financial crisis accountable.

Protect Main Street and not Wall Street.

More on what the NYC CLC is calling for after the fold.


NEW YORK CITY CENTRAL LABOR COUNCIL EXECUTIVE BOARD CALLS ON

CONGRESS TO PROTECT THE AMERICAN WORKER

IN DECIDING BAILOUT OPTIONS

New York City’s Labor Leaders Propose Seven Conditions for $700 Billion Bush Big Bailout to provide stronger protections for working families and impose aggressive public oversight on financial institutions

NEW YORK, SEPTEMBER 25, 2008 — With the country facing the biggest financial crisis of our time, threatening the homes, livelihoods, retirement savings and financial accounts of millions of working people, the labor movement of New York City today called on Congress to put responsible conditions on the risky Bush Administration “Big Bailout” plan before any action is taken to ensure government accountability and financial benefits for the American worker.

The principals and members of the Central Labor Council Executive Board joined the national AFL-CIO and Change to win organizations to call on Congress to apply strict conditions and oversight to any plan that would bailout troubled businesses and risk worker’s hard-earned money. The Bush bailout proposal comes as the FBI announced it will investigate fraud at the companies whose failure led to the financial crisis, including such powerhouses as Fannie Mae, Freddie Mac, Lehman Brothers, and American International Group.

In rising anger, labor leaders proclaimed that “Wall Street’s crisis” has become “Main Street’s problem” as workers struggle to pay their bills, hold on to their jobs and keep their homes. The union delegation urged Congress to approve only a bailout plan that includes a payback and equity investment return strategy for working people who are footing the bill and addresses the concerns of our nation’s health care, education, energy, infrastructure and jobs crisis.

In response to the growing concerns for worker’s needs, the Central Labor Council Executive Board today announced the following

“Seven Conditions for $700 Billion Bailout Plan”:

  1. Tap Into Financial and Legal Tools to Stop Home Foreclosures. Use the full array of financial and legal tools available to the government to stop home foreclosures and restructure home mortgage loans for working families.

  2. Institute Aggressive Public Oversight. Any action of the $700 billion bailout must be governed by an independent board with transparency and effective public and congressional oversight.

  3. Stop the CEO Party Train. Restrict executive compensation at any companies that directly benefit from the bailout.

  4. Repeal the Bush Tax Cuts. Repeal of Bush tax cuts to finance the bailout; invest money towards national infrastructure investments in highway, bridge and rail maintenance and improvements, and improvements in public educational systems and preservation of public services, mass transit and health care services.

  5. Let Wall Street Pay for Wall Street’s Mistakes. Every company that benefits financially from the bailout must present a secure return investment plan.

  6. Prey on the predators. Crackdown on predatory lending practices by corrupt financial institutions by using full force of the law.

  7. Address Corporate Governance Imbalances. Work to address the disastrous weaknesses in our financial regulatory system and corporate governance structure that allowed our financial future to become so vulnerable.

The Central Labor Council urged Congress and members of the New York Congressional Delegation to act quickly and responsibly, and hold those who caused our national financial crisis accountable.

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2 Responses

  1. It’s interesting that you are addressing your concerns to the “NEW YORK CONGRESSIONAL DELEGATION” which voted in unison to approve the GRAMM-McCAIN Bank Deregulation Bills. The Senate approved the measure 92-8 (BI PARTISAN ANYONE?)
    This crisis is a combination of many failures and/or frauds, not just bankers and CEO’s.

  2. I think the failure of Lehman’s corporate governance was evinced in back in the summer of 2008 when the top execs viewed the market rather than the stockholders as “demanding that we hold ourselves accountable,” according to Skip McGee. I’ve just finished a blog post arging that while self-accountability is a laudable goal, we can’t (or shouldn’t) rely on it. In fact, “holding ourselves accountable” suggests the absence of accountability through corporate governance.

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